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WTI/RBOB Shrug At Bigger Than Expected Crude Draw

WTI/RBOB faded back from yesterday's Libya pipeline headline-driven exuberance ahead of tonight's API inventory data. A bigger than expected crude draw held WTI prices steady but RBOB faded very modestly after API showed a notable gasoline (and distillates) build.   API Crude -6mm (-3.75mm exp) Cushing -1.3mm (-590k exp) Gasoline +3.1mm Distillates +2.8mm Heading into […]

WTI/RBOB Algos Confused As Crude Draws, Gasoline Builds, & Production Jumps Again

WTI/RBOB held gains overnight following API's reported crude draw (despite the gasoline glut) but after DOE confirmed a 5th weekly crude draw and 6th weekly gasoline build, algos were confused with prices chaotic. Production hit a new record high. North Sea and Canadian crude supply disruptions are suppressing U.S. imports and encouraging exports. API Crude […]

WTI/RBOB Extend Gains After Bigger Than Expected Crude Draw

WTI/RBOB inched higher on the day ahead of tonight's API data and then knee-jerked higher as the data showed a much-bigger-than-expected 5.2mm crude draw.   API Crude -5.2mm (-440k exp) Cushing +70k Gasoline +2.001mm (+2.45mm exp) Distillates -2.85mm (+250k exp) A very mixed bag as the series of crude draws continues and gasoline builds… This […]

The Great Oil Swindle

Authored by Chris Martenson via PeakProsperity.com, … is leading us to destruction. When it comes to the story we're being told about America's rosy oil prospects, we're being swindled.  At its core, the swindle is this: The shale industry's oil production forecasts are vastly overstated. Swindle:  Noun  – A fraudulent scheme or action. And the swindle […]

Chicken Wing Spot Prices Collapse 30% As NFL Protests Take Their Toll

Back in November, shortly after Trump ignited a war with the NFL over player protests of the National Anthem, Papa John’s insisted that their sales were getting crushed by a backlash from fans who decided to boycott games (we covered it here: Papa John’s Pulls NFL Ads Due To “Negative Consumer Sentiment”).  That said, the […]

WTI/RBOB Steady Despite Huge Gasoline Build, New Crude Production Record

Despite last night's surprisingly large API-reported crude draw, WTI/RBOB prices were sliding in early trading but as the DOE data printed prices stabilized despite a smaller crude draw than API and a much bigger gasoline builds than expected. Production surged on the week to a new record high. Bloomberg's Mitch Martin noted that the Brent […]

Uber Price-Gouges Millennial Passenger $14,000 For 5-Mile Ride

One Millennial in Toronto got the shock of his life last Thursday evening when Uber charged him C$18,518.50 (around US$14,398) for a 5-mile trip from 12 Widmer, ST to 30 The Queensway in Toronto, that should have cost C$12 to C$40. According to Votethehish’s friend, Emily Kennard took to Twitter and said, “My friend was charged 18K for a […]

WTI/RBOB Higher After Surprisingly Large Crude Draw

WTI/RBOB tumbled today after fears about cracks in one of the world's most important oil pipelines faded. Prices were below last week's pre-API levels as hope was high that last week's big surprise product build was a fluke but once again we saw notable product builds, but prices popped higher as a 7.382mm crude draw […]

Futures Flat As FOMC Meeting Begins; Brent Jumps Over $65 For First Time Since 2015

E-mini futures are modestly in the green this morning, though net of fair value the S&P index is poised for another record high open as the FOMC begins its last meeting for 2017 in which it is expected to raise rates by 25bps. European stocks gain while Asian equities slide led by weakness in Chinese […]

WTI/RBOB Extend Losses On Biggest Gasoline Build In 11 Months, Record Crude Production

Following last night's API-reported huge product inventory builds, bulls were hoping DOE would rescue WTI/RBOB prices but it did not as the dat confirmed a huge crude draw and even bigger product build (gasoline's biggest weekly build since January). Adding to the pain, US crude production rose to another new record. A gasoline build is […]

WTI/RBOB Sink On Massive Product Inventory Builds

A relatively stable day in energy markets as many other markets turmoiled, but as tonight's data hit, both WTI/RBOB kneejerked lower after API showed massive product inventory builds (despite a big crude draw).   API Crude -5.48mm (-2.5mm exp) Cushing -1.95mm (-2.4mm exp) Gasoline +9.196mm – biggest build since Jan 2016 Distillates +4.259mm – biggest […]

WTI Tumbles Below $57 As OPEC-Hype Fades

Goldman's Damien Courvalin seems to have perfecvtly summed things up – the market was pricing in an OPEC production cut extension of 6-9 months (accounting for around a $2.50 premium in the price). Today's jawboning from Russia seems to signal April discussions (so a 6-month extension) which is a disappointment – and so WTI prices […]

RBOB Fades On Surprise Product Build, New Record High Production

Last night's API-reported surprise crude build sparked selling that not even Russia/Saudi jawboning could rescue, but DOE data showed the exact opposite with a big crude draw and even bigger gasoline draw. Added to a new record high in US crude production and RBOB is fading and WTI is not rallying.   API Crude +1.82mm […]

WTI/RBOB Spike On OPEC Headlines After Bearish Inventory/Production Data

Update: WTI/RBOB was fading after DOE data but then Kuwait dropped the following meaningless headline: OPEC JMMC RECOMMENDS EXTENSION, DIDN'T FINALIZE DURATION. And the algos took over… *  *  * Last night's API-reported surprise crude build sparked selling that not even Russia/Saudi jawboning could rescue, but DOE data showed the exact opposite with a big […]

WTI Sinks After Surprise Crude Build

Despite UAE oil minister jawboning, WTI/RBOB was sold today heading into the API data and extended losses after crude showed a surprise build (+1.82mm vs -2.95mm exp). Cushing saw a massive destocking and RBOB was steady after gasoline showed a surprise draw.   API Crude +1.82mm (-2.95mm exp) Cushing -3.178mm – most since Sept 2009 […]